Managerial economics:a.helps a firm manage scarce resources.b.cannot be used to identify the appropriate scale of operation.c.is not applicable to the not-for-profit sector.d.helps managers identify organization goals.
Question
Managerial economics:a.helps a firm manage scarce resources.b.cannot be used to identify the appropriate scale of operation.c.is not applicable to the not-for-profit sector.d.helps managers identify organization goals.
Solution
Managerial economics: a. helps a firm manage scarce resources.
Managerial economics is a branch of economics that applies microeconomic analysis to specific business decisions. It bridges economic theory and economics in practice. It helps firms to understand the economic aspects of all managerial decisions. It deals with the application of economic concepts, tools, and methodologies for decision-making process. It helps the firm in planning and controlling the resources (which are always limited) efficiently.
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